Coronado secures approvals to open Mammoth underground mine
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The news: Coal miner Coronado Global Resources will open its Mammoth underground mine in Queensland, after its wholly owned subsidiary Coronado Curragh received regulatory approval to begin operations.
The numbers: Coronado shares were up 2.9% to 89 cents by 2:15pm AEDT, having shed around 50% this calendar year.
The context: Comprising two open cut mines at Coronado's Curragh mining complex in Queensland's Bowen Basin, Mammoth is due to open on 19 December. The move will mark the miner's first foray into underground mining in Australia, and forms part of its aim of delivering organic growth to increase production and lower costs.
What they said: "We have combined our well-established expertise and heritage in underground mining from our US operations with industry leading local partnerships to deliver this mine," said Coronado's chief executive Douglas Thompson.
"Mammoth is expected to continue our strong track record of realising value from our existing assets."
The source: ASX announcement
